How much do low rates save you each month?
At the end of last year, rates were poised to rise to over 5%. Now, with impending trade wars and concerns with global growth, rates are at the lowest they have been in 17 months.
The average 30 year fixed rate dropped to 3.82%. Last week, they were at 3.99% and a year ago, they were at 4.54%.
The average 15 year fixed rate also dropped to a low of 3.28%. Last week, they were at 3.46% and a year ago, 3.74%.
How much does that save you each month? Here are a few scenarios at different price points to show you the difference.30 Year Fixed Loan
| Loan Amt | 3.82% | 3.99% | 4.54% | 5.00% |
| $250,000 | $1,168 | $1,192 | $1,273 | $1,342 |
| $300,000 | $1,401 | $1,431 | $1,527 | $1,610 |
| $350,000 | $1,635 | $1,669 | $1,782 | $1,879 |
| $400,000 | $1,868 | $1,907 | $2,036 | $2,147 |
| $450,000 | $2,102 | $2,146 | $2,291 | $2,416 |
| $500,000 | $2,335 | $2,384 | $2,545 | $2,684 |
| $600,000 | $2,803 | $2,861 | $3,054 | $3,221 |
| $750,000 | $3,503 | $3,576 | $3,818 | $4,026 |
| $1,000,000 | $4,671 | $4,768 | $5,091 | $5,368 |
So, for example, if you had a $400,000 loan and last year's average rate of 4.54%, your principle and interest payment (i.e. your mortgage payment) would have been $2,036.26. This week at an average rate of 3.82%, your payment would be $1,868.39. A saving of $167.87 per month.
15 Year Fixed Loan
| Loan Amt | 3.82% | 3.99% | 4.54% | 5.00% | 6.00% |
| $250,000 | $1,827 | $1,848 | $1,918 | $1,977 | $2,110 |
| $300,000 | $2,192 | $2,218 | $2,301 | $2,372 | $2,532 |
| $350,000 | $2,557 | $2,587 | $2,685 | $2,768 | $2,954 |
| $400,000 | $2,923 | $2,957 | $3,068 | $3,163 | $3,375 |
| $450,000 | $3,288 | $3,326 | $3,452 | $3,559 | $3,797 |
| $500,000 | $3,654 | $3,696 | $3,835 | $3,954 | $4,219 |
| $600,000 | $4,384 | $4,435 | $4,602 | $4,745 | $5,063 |
| $750,000 | $5,480 | $5,544 | $5,753 | $5,931 | $6,329 |
| $1,000,000 | $7,307 | $7,392 | $7,670 | $7,908 | $8,439 |
Rick Bosl
Rick learned early in his real estate career to pick a niche and become an expert in that area. Condos were a natural choice and he has been helping condo buyers and sellers ever since.